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2017-11-29 11:50:11

AMZN

Amazon.com

$1,193.60

-2.23 (-0.19%)

, FB

Facebook

$182.42

-0.61 (-0.33%)

…11:50

11/29/17

11/29

11:50

11/29/17

11:50

Technical View: S&P 500 in the red as 'FANG' names sell off

The S&P 500 (SPX) was last at 2623.02, down 0.1% on the day after hitting a new life high at 2634.89. At current price initial round-number support is at the 2620 area. The intersection of the support line in place since the August lows is at the 2605 area. Resistance is at the 2630 area.

As reported earlier, RBC Capital analyst Scot Ciccarelli upgraded Wal-Mart (WMT) to Sector Perform from Underperform and raised his price target to $96 from $92. Ciccarelli says the company's earnings growth will remain suppressed by a multi-year investment cycle, but it will ultimately come out as a "true competitor" to Amazon (AMZN). The analyst says the rating change is specifically driven by recognition of Wal-Mart's progress in upgrading its store environment and labor model as well as the vast improvements made in its e-commerce capabilities which helped generate 13 consecutive quarters of positive comps and 12 quarters of positive traffic.

11/29/17

CLVD

11/29/17NO CHANGECLVD

Henry Schein, Patterson mentioned cautiously at Cleveland Research

Cleveland Research made cautious comments regarding Amazon's (AMZN) headway into the dental industry, saying that its checks indicate that manufacturers are being more open to offer their full product lines to the e-commerce giant, which could pressure industry incumbents Henry Schein (HSIC) and Patterson (PDCO).

11/29/17

WEDB

11/29/17NO CHANGETarget $32WEDBUnderperform

Amazon allows deeper TV discounting at Best Buy, says Wedbush

Wedbush analyst Michael Pachter notes that online checks suggest that Best Buy (BBY) undercut Amazon (AMZN) on TV pricing throughout the Thanksgiving Holiday period, with deals continuing at Best Buy after Cyber Monday, while Amazon surprised him by raising prices. Additionally, the analyst believes Best Buy's Q4 comps guidance is more realistic, due to "Amazon's mercy." He reiterates an Underperform rating and $32 price target on Best Buy's shares.

11/29/17

DADA

11/29/17NO CHANGETarget $1500DADABuy

Amazon.com price target raised to $1,500 from $1,300 at DA Davidson

DA Davidson analyst Tom Forte raised his price target on Amazon (AMZN) shares to $1,500 from $1,300 after increasing his long-term sales forecast to a 9.8% CAGR from 8.6% based on his rising confidence in the company's ability to leverage physical stores to maximize its long-term revenue growth. Amazon's increased physical footprint, including its Whole Foods buy, book stores, and Kohl's (KSS) partnership, is "THE story of its 2017 holiday sales and an indication of things to come," Forte tells investors. The analyst, who thinks Amazon could another 1,000 plus physical locations and acquire an apparel retailer, such as lululemon (LULU), keeps a Buy rating on the e-commerce giant's shares.

FBFacebook

$182.42

-0.61 (-0.33%)

11/16/17

KEYB

11/16/17NO CHANGETarget $90KEYBOverweight

Cavium price target raised to $90 from $80 at KeyBanc

KeyBanc analyst John Vinh raised his price target for Cavium (CAVM) to $90 from $80 as he left SC17 most positive on it as he learned the company is shipping into Facebook (FB) for a late-stage evaluation server cluster and heard positive customer feedback regarding ThunderX2. The analyst reiterates an Overweight rating on Cavium's shares.

11/08/17

UBSW

11/08/17DOWNGRADETarget $7UBSWSell

Snap downgraded to Sell from Neutral at UBS

UBS analyst Eric Sheridan downgraded Snap (SNAP) to Sell and cut his price target for the shares to $7 from $12 following last night's Q3 results. The camera company is down 19%, or $2.88, to $12.24 in premarket trading. In a post-earnings research note titled "SNAP Crackle Flop," Sheridan says he finds it very likely that Snap will continue to struggle on "multiple fronts" in the coming 12 months. A redesigned app could bring opportunity but also platform disruption, Sheridan writes. He believes trying to scale its ad business amid "tepid" user growth while competing against Alphabet (GOOG), Facebook (FB) and Amazon.com (AMZN) is likely going to prove difficult for Snap.

Cowen analyst Paul Silverstein said Facebook's (FB) plans to "double" its capital expenditures to $14B from $7B in 2018 represents a significant incremental revenue growth opportunity for optical component and system suppliers, particularly Applied Optoelectronics (AAOI) and Arista Networks (ANET). He thinks Applied is maintaining a strong position at Facebook and would take advantage of weakness in the shares.

11/21/17

ROTH

11/21/17NO CHANGETarget $127ROTHBuy

Shopify price target raised to $127 from $119 at Roth Capital

Roth Capital analyst Darren Aftahi raised his price target for Shopify (SHOP) to $127 to $119 following his recently hosted investor meetings with the company's management. The analyst believes opportunities for International, plus Facebook's (FB) Instagram and potentially new merchant solutions, should continue to drive both its P&L and shares higher, in what he views as early relative days in ramp of its platform. Aftahi reiterates a Buy rating on Shopify's shares.

GOOGLAlphabet Class A

$1,063.29

-8.72 (-0.81%)

10/31/17

ROTH

10/31/17NO CHANGETarget $41ROTHNeutral

Yelp price target raised to $41 from $35 at Roth Capital

Roth Capital analyst Darren Aftahi raised his price target for Yelp (YELP) to $41 from $35 ahead of quarterly results. Nonethless, the analyst says that while Yelp has divested of Eat24, he sees its go-forward business as remaining challenged by the likes of Facebook (FB), Google (GOOG; GOOGL), and now to a lesser extent, Snap (SNAP). He reiterates a Neutral rating on Yelp's shares.

11/15/17

BERN

11/15/17NO CHANGETarget $100BERNOutperform

Microsoft building for Cloud business larger than most expect, says Bernstein

Bernstein analyst Mark Moerdler notes that Microsoft (MSFT) has a much larger datacenter footprint compared to its peers such as AWS (AMZN) and Google (GOOG;GOOL). Looking at datacenter investment, the analyst thinks Microsoft is building for Cloud business larger than most expect, growth in Azure and Commercial Cloud should continue to remain strong, and given Microsoft Commercial cloud is already at AWS like GM, it should have even better GM as they fill into the built capacity. The analyst reiterates an Outperform rating and $100 price target on Microsoft's shares.

Following a report that Cerner (CERN) and Amazon's (AMZN) AWS are in the final stages of partnership negotiations that would see Amazon provide cloud services for Cerner's population health product, HealtheIntent, Morgan Stanley analyst Ricky Goldwasser said a Cerner partnership could be the "Trojan horse" that helps Amazon build hospital relationships to compete against established GPOs and medical distributors. From Cerner's side, the partnership gives them a leg up in population health relative to competitors like Allscripts (MDRX) and athenahealth (ATHN), said Goldwasser, who wonders if this announcement will lead to other cloud /healthcare IT partnerships with the likes of Microsoft (MSFT) and Google (GOOGL).

UBS analyst David Mulholland said the firm's consumer survey of smartphone owners showed improving demand in China, but also the "surprising" indication that domestic OEMs are expected to benefit from this rather than Apple. The purchasing intention results were slightly below expectations for iPhone demand, but he noted the survey took place prior to the iPhone X being available in stores and hands on experience could help drive sales toward the iPhone X. The survey was mixed for iPhone but the firm now sees a stronger overall smartphone market and increased its smartphone growth forecast for 2018 to 5% from 4%.

11/27/17

NOMU

11/27/17NO CHANGETarget $185NOMUBuy

Apple multiple is 'getting full,' says Nomura Instinet

Nomura Instinet Jeffrey Kvaal says his channel checks through the holiday weekend suggest demand for Apple's iPhone X can drive upside to near-term estimates. The analyst, however, believes the stock's multiple is "getting full." Apple has traditionally traded poorly between supercycles, Kvaal tells investors in a research note. Nonetheless, he keeps a Buy rating on the shares with a $185 price target.

Canaccord analyst T. Michael Walkley said his North American survey indicates strong initial demand for the iPhone X with decreasing lead times, which suggests ramped up production. He believes Apple continues to grow its market share of the premium tier smartphone market with an installed base that will drive strong replacement sales and earnings as well as cash flow generation to fund long-term capital gains. Walkley reiterated his Buy rating and $195 price target on Apple shares.

SPYSPDR S&P 500 ETF Trust

$262.72

-0.15 (-0.06%)

04/10/17

MSCO

04/10/17NO CHANGEMSCO

Morgan Stanley sets S&P 500 'base case' price target of 2,700

Morgan Stanley U.S. Equity Strategist Michael Wilson set a 12-month "base case" price target of 2,700 for the S&P 500, stating that market technicals are in "very good shape" and institutional and retail data suggest U.S. equity positioning is not extreme. A cyclical upturn began a year ago as the global business cycle bottomed in Q1 of 2016 and President Trump's election then "turbocharged" that cycle, said Wilson.

06/28/17

GSCO

06/28/17NO CHANGEGSCO

S&P 500 price target raised to 2,400 from 2,300 at Goldman Sachs

Goldman analyst David Kostin raised his S&P 500 earnings estimate to $129 from $123 in 2017 and to $139 from $129 in 2018 to reflect strong Q1 results and higher expected growth in Financials and Info Tech. Kostin raised his year-end S&P 500 price target to 2,400 from 2,300 to reflect earnings growth of 9%, offset by a 4% contraction in the forward multiple.

AT&T Mobility has reached a tentative agreement with the Communications Workers of America in Mobility Orange contract negotiations. The four-year agreement, which will be submitted to the union's membership for a ratification vote in coming days, covers about 20,000 employees in 36 states and the District of Columbia - AT&T's Mobility Orange unit, which encompasses CWA Districts 1, 2-13, 4, 7 and 9.

Pfizer announced that the United States FDA has approved IXIFI, a chimeric human-murine monoclonal antibody against tumor necrosis factor, as a biosimilar to Remicade for all eligible indications of the reference product. The FDA has approved IXIFI as a treatment for patients with rheumatoid arthritis, Crohn's disease, pediatric Crohn's disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis, and plaque psoriasis.

Western Alliance Bancorporation announced that during the first quarter of 2018 Robert Sarver will transition from Chairman and CEO to Executive Chairman. In conjunction with Sarver's change in role, Ken Vecchione will be promoted to Chief Executive Officer, Dale Gibbons to Vice Chairman and Chief Financial Officer, and James Haught to President and Chief Operating Officer, all effective April 1, 2018.

Aqua America announced that President and CEO Christopher H. Franklin has been elected chairman of the board, effective Jan. 1, 2018. Franklin became CEO in July 2015 and has served on the board of directors since October 2015. He succeeds Nicholas DeBenedictis, former CEO, who will continue to serve on the board as chairman emeritus.